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Everything you need to know about citizenship and residence programs around the globe.
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Innovator visa replaced Tier 1 Entrepreneur visa from 29 March 2019. Though it is very similar to it, they are quite different in terms of required investment and criteria to be met by a business.
Innovator visa is accessible to entrepreneurs that are willing to invest £50,000 or more into a new or existing UK company. Application can be submitted either by a single applicant or with other businessmen.
If you wish to set up a new business, you need to demonstrate you have £50,000 available to you or your business. The source of funds can be any. However, if it is a team, each applicant must have £50,000 adding up to the total investment amount for the whole team. If the endorsement letter confirms that at least £50,000 funds are available, there is no need to provide any other evidence.
If you invest in an established business that has been endorsed for a visa previously, you don’t need to show £50,000.
Main applicants must be at least 18 years of age.
To be able to apply for the Innovator visa, you must prove that your business idea or business is viable, innovative and scalable. You do it by having it assessed first and then endorsed by a relevant body.
After your visa is granted, you will have three so-called checkpoints at 6, 12 and 24 months after that, to update the endorsing body on your progress and confirm the compliance with all the requirements. If the endorsing body withdraws your endorsement before your visa expires, you need to get a new endorsement and re-apply. Otherwise, your visa will be cancelled.
Apart from relevant business experience and education businessmen must submit and show the following:
Visa validity: 3 years.
You can make an application with another businessman and form a team. Each of you must have access to at least £50,000.
You can apply to extend your visa if you are still running an endorsed business in the UK or wish to start a new one. In both cases, you need to have an endorsement letter from an approved body and £50,000 of available funds if this is a new business.
Innovator visa can be extended for three years for an unrestricted number of times.
Entrepreneurs can apply for ILR in 5 years from the first entry under Start-up or Innovator routes and provide an endorsement letter that would confirm the following:
The business itself must be able to demonstrate two or more of the following (based on a single-applicant application):
You and your family can apply for citizenship in 1 year after settlement and 5 or 6 years after your first entry, subject to everybody complying with all the criteria:
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